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GRrrr make the plan more acceptable by adding TAX BREAKS???

Holy shit.
So, we used to have a plan that could fail because adding $700 billions (likely more) to the debt was bad. So, let's have tax breaks, so likely more becomes certainly more.

On top of that, it's clearly Republicans, a minority party with much diminished support in the population, taking the economy hostage in order to get a final loot. This must be said, and screamed, and I hope it is soon all over the news. Yet, at the moment, I don't see it.

To me, including tax cuts (hell, what are they doing in a financial crisis rescue package? Can I have provisions for the use of recycled materials?) makes it a no deal.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Wed Oct 1st, 2008 at 01:48:14 AM EST
[ Parent ]
Clearly Dodd/Frank is the bestleast bad plan that could be had before the November elections. Any more tinkering will just make it worse, especially if it's to appease the clueless (or worse: at best they're monetarists or libertarians) Republicans.

Krugman quotes James Galbraith and I agree:

There need be no pretense that it will solve our underlying financial and economic problems. It will not. The purpose, in my view, is to get the financial system and the economy through the year, and into the hands of the next administration. That is a limited purpose, but a legitimate purpose. And it may be the most that can be accomplished for the time being.


A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Wed Oct 1st, 2008 at 02:43:06 AM EST
[ Parent ]
Cyrille: On top of that, it's clearly Republicans, a minority party with much diminished support in the population, taking the economy hostage in order to get a final loot. This must be said, and screamed, and I hope it is soon all over the news. Yet, at the moment, I don't see it.

Two of the articles I linked to in my previous comment actually make this point pretty emphatically:

David Brooks - Revolt of the Nihilists - Op-Ed - NYTimes.com

House Republicans led the way and will get most of the blame. It has been interesting to watch them on their single-minded mission to destroy the Republican Party. Not long ago, they led an anti-immigration crusade that drove away Hispanic support. Then, too, they listened to the loudest and angriest voices in their party, oblivious to the complicated anxieties that lurk in most American minds.

Now they have once again confused talk radio with reality. If this economy slides, they will go down in history as the Smoot-Hawleys of the 21st century. With this vote, they've taken responsibility for this economy, and they will be held accountable. The short-term blows will fall on John McCain, the long-term stress on the existence of the G.O.P. as we know it.

I've spoken with several House Republicans over the past few days and most admirably believe in free-market principles. What's sad is that they still think it's 1984. They still think the biggest threat comes from socialism and Walter Mondale liberalism. They seem not to have noticed how global capital flows have transformed our political economy.

and

THE WRONG FRAME AT THE WRONG TIME | The Washington Monthly

It's a great slogan for the election season, isn't it? "Vote Republican -- We're More Concerned With Our Feelings Than Your Future."

Make no mistake -- this is a failure of the Republican Party of historic proportions. When push came to shove, the Democratic leadership delivered the votes on the rescue plan, while Republicans voted, 2-to-1, against it.

If they're going to rationalize their failure, they're going to have to do better than rejecting the proposal because of Pelosi's harmless speech.

And these are both from usually right-leaning sources.

Truth unfolds in time through a communal process.

by marco on Wed Oct 1st, 2008 at 03:23:35 AM EST
[ Parent ]
"I've spoken with several House Republicans over the past few days and most admirably believe in free-market principles."

What's admirable about that?
Free-market apparently is one of the two commandments of the State religion, the other being low taxes.

On a side note, I would argue that right-leaning is a major understatement regarding Brooks. I have to keep away from his columns to preserve my sanity.

"It failed because Nacy Pelosi said some unkind things about George Bush in her speech"

by Cyrille (cyrillev domain yahoo.fr) on Wed Oct 1st, 2008 at 03:54:53 AM EST
[ Parent ]
They hold on to their faith in the face of overwhelming evidence against the tenets of their religion. That's admirable.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Wed Oct 1st, 2008 at 04:44:09 AM EST
[ Parent ]
I can see why I'm not religious.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
by Cyrille (cyrillev domain yahoo.fr) on Wed Oct 1st, 2008 at 04:54:19 AM EST
[ Parent ]
You don't want to be admirable?

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Wed Oct 1st, 2008 at 04:55:27 AM EST
[ Parent ]

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